No shortage of oil and gas on market due to Middle East conflict at present, but risks reflected in price - Novak

MOSCOW. June 18 (Interfax) - There is no shortage of oil and gas on market due to the escalation of the Middle East conflict at present, but risks remain and are reflected in the price, Deputy Russian Prime Minister Alexander Novak told journalists.

"There is no shortage yet, demand and supply are still balanced, because we are seeing that supply is expanding, it has not stopped. Yes, there are certain risks, the market is assessing them, and this is reflected partly in the price. In general, we are seeing normal market supply," he said.

Novak did not say whether he thought the price of oil might rise to triple figures. "This is a thankless task. I see that some people or experts are making their own assessments. You can say whatever you want right now. Everything will depend how the market reacts to uncertainties and risks," he said.